UAE banks signal growing demand for digital assets thanks to Taurus and Zand collaboration
Date: 2024-07-08 Author: Henry Casey Categories: CRYPTO PAYMENTS
The UAE's first digital bank, Zand, has announced a partnership with Swiss firm Taurus to provide cryptocurrency services. Taurus Managing Director Bashir Kazoor noted that traditional financial institutions in the UAE, including banks, are actively looking to launch digital asset services. The announcement comes amid a new partnership with Zand that aims to develop digital assets in the region.
Using Taurus solutions at Zand
Through the partnership, Zand plans to leverage Taurus' leading digital asset custody and tokenization solutions. This will allow the bank to significantly expand its offerings to include cryptocurrencies, tokenized securities and NFTs. Fully licensed and regulated by the Central Bank of the United Arab Emirates (CBUAE), Zand provides both retail and corporate services. The bank received a license to operate in 2022.
A new standard for digital asset services
Zand CEO Michael Chan described the partnership with Taurus as a new benchmark for digital asset services. He declared:
“Our partnership with Taurus marks a new standard in digital asset services, ushering in a new era of banking excellence in which security, versatility and customer-centric solutions come together to reimagine the very essence of the digital economy.”
Bashir Kazoor noted that this partnership with Zand demonstrates the high demand from banks in the UAE and the Gulf Cooperation Council (GCC) region for digital asset services. The UAE's pro-cryptocurrency stance, as well as the country's progress as a leading digital asset hub, underscores the importance of this collaboration.
UAE progress in digital assets
In recent years, the UAE has become a popular destination for crypto companies looking to attract investors and improve relationships with regulators. This sets the country apart from larger markets such as the US, which have taken a more restrictive approach to the emerging crypto industry. Thanks to this favorable position, major crypto firms such as Binance and OKX have significantly expanded their presence in the UAE. Last month, Hashed Ventures also increased its presence in the region, taking advantage of the favorable regulatory environment.
Future plans for Taurus in the UAE
Taurus plans to take advantage of the favorable conditions in the UAE to further develop its services. Bashir Kazoor said the firm “continues to invest in the UAE to serve our clients with both a Swiss and regional flavor.” This underlines the company's commitment to integration and development in the region, contributing to further growth and strengthening of the digital asset market.
The collaboration between Zand and Taurus represents an important step in the development of digital assets in the UAE. This partnership not only highlights the strong demand for cryptocurrency services, but also demonstrates the UAE's progress as a leading digital asset hub. With the support of initiatives like the Zand and Taurus partnership, the region continues to attract major crypto firms and investors, helping to develop and strengthen the digital economy.
